Securities and Exchange Commission of Brazil (CVM) Brokers 2024

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Christian Harris
Christian is a seasoned journalist with decades of experience. He transitioned from tech journalism to finance to follow his interest in investing. He has been trading stocks, futures, forex, and cryptocurrencies for more than 5 years, becoming an eToro Popular Investor. With hands-on expertise across various assets, he offers valuable trading insights.
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James Barra
James is an investment writer with a background in financial services. He has worked as a management consultant, where he delivered large-scale operational transformational programmes at some of Europe's biggest banks. James authors, edits and fact-checks content for a series of investing websites.
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Michael MacKenzie
Michael is a writer and editor with over a decade in journalism and publishing. His niche lies in editing and fact-checking content in the financial services sector, with a focus on online brokers and trading platforms. Michael previously reported on politics and economics in the Middle East and edits books for established publishers.
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The Securities and Exchange Commission (Comissão de Valores Mobiliários, or CVM) is the primary regulatory body overseeing the securities market in Brazil, including the activities of stock exchanges, public companies, financial intermediaries, and online traders.

Established in 1976, the CVM is an independent agency operating under the Central Bank of Brazil. It plays a crucial role in ensuring Brazil’s financial markets’ integrity, transparency, and efficiency.

In addition to overseeing the B3 stock exchange and over-the-counter markets, the CVM is a staunch defender of investors’ rights. It acts as a shield, protecting traders from fraudulent securities issuance and illegal market activities, earning it ‘yellow-tier’ status in our Regulation & Trust Rating.

However, the CVM does not maintain a public directory of authorized brokers. Instead, we’ve listed the top brokers operating internationally and who are regulated by other reputable financial bodies.

Best Regulated Brokers For Brazilian Traders

Following hands-on testing, these 4 regulated trading platforms emerged as the best:

Click a broker for details
  1. 1
    IG
    Forex trading involves risk. Losses can exceed deposits.

    Ratings
    4.9 / 5
    4 / 5
    4.5 / 5
    3.5 / 5
    4.8 / 5
    4.5 / 5
    4.9 / 5
    5 / 5
    4.6 / 5
    4 / 5

    $0
    0.01 Lots
    1:30 (Retail), 1:250 (Pro)
    FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB
    CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting
    Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral
    PayPal, Wire Transfer, Mastercard, Credit Card, Visa, Debit Card
    USD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD
  2. 2
    Interactive Brokers

    Ratings
    4.5 / 5
    3.5 / 5
    4.5 / 5
    4.3 / 5
    3.3 / 5
    3 / 5
    4.4 / 5
    4.3 / 5
    4.3 / 5
    4.5 / 5

    $0
    $100
    1:50
    FCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB, FINMA
    Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies
    Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral
    Cheque, ACH Transfer, Wire Transfer, Automated Customer Account Transfer Service, TransferWise, Debit Card
    USD, EUR, GBP, CAD, AUD, INR, JPY, SEK, NOK, DKK, CHF, AED, HUF
  3. 3
    Kraken
    Lower fees when trading volume exceeds $50,000 in 30 days

    $10
    Variable
    FCA, FinCEN, FINTRAC, AUSTRAC, FSA
    Cryptos
    AlgoTrader
    Bitcoin Payments, Wire Transfer, PayID, Silvergate Bank Transfer, Etana, Ethereum Payments
    USD, EUR, GBP, CAD, AUD, JPY, CHF
  4. 4
    Gemini

    Ratings
    2 / 5
    3 / 5
    2 / 5
    2.5 / 5
    3 / 5
    2 / 5
    2.5 / 5
    3 / 5
    0 / 5
    0 / 5

    $0
    0.00001 BTC
    NYDFS, MAS, FCA
    Cryptos
    ActiveTrader, AlgoTrader, TradingView
    Bitcoin Payments, Credit Card, Wire Transfer, Visa, Mastercard, Silvergate Bank Transfer, Ethereum Payments, ACH Transfer, PayPal, Etana
    USD, EUR, GBP, CAD, AUD, HKD, SGD

Here is a short summary of why we think each broker belongs in this top list:

  1. IG - Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand-US offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.
  2. Interactive Brokers - Interactive Brokers (IBKR) is a premier brokerage, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.
  3. Kraken - Kraken is a leading cryptocurrency exchange with a proprietary trading terminal and a list of 220+ tradeable crypto tokens. Up to 1:5 leverage is available with stable rollover fees on spot crypto trading and up to 1:50 on futures. The exchange also supports crypto staking and has an interactive NFT marketplace.
  4. Gemini - Gemini is a cryptocurrency exchange set up in 2014 by the Winklevoss brothers, known for their early involvement in Facebook. The exchange is among the world’s 20 largest and most popular. Gemini clients can trade and stake 110+ cryptocurrencies, with derivatives trading available in some jurisdictions, an advanced proprietary platform and additional features including an NFT marketplace.

Brokers Comparison

Brokers Comparison
Broker Minimum Deposit Markets Platforms Leverage
IG logo
$0 CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral 1:30 (Retail), 1:250 (Pro)
Interactive Brokers logo
$0 Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral 1:50
Kraken logo
$10 Cryptos AlgoTrader -
Gemini logo
$0 Cryptos ActiveTrader, AlgoTrader, TradingView -

IG

"IG continues to provide a comprehensive package with an intuitive web platform and best-in-class education for beginners, plus advanced charting tools, real-time data, and fast execution speeds for experienced day traders."

Christian Harris, Reviewer

IG Quick Facts

Demo AccountYes
InstrumentsCFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting
RegulatorFCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB
PlatformsWeb, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral
Minimum Deposit$0
Minimum Trade0.01 Lots
Leverage1:30 (Retail), 1:250 (Pro)
Account CurrenciesUSD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD

Pros

  • As a well-established broker, IG operates under strict regulatory guidelines in multiple jurisdictions, maintaining a high level of trust
  • IG offers an extensive collection of professional and engaging educational resources, including webinars, articles, and analysis
  • The proprietary web-based platform continues to caters to traders of all levels, with advanced charting tools and real-time market data useful for day trading

Cons

  • Stock and CFD spreads still trail the cheapest brokers like CMC Markets based on tests
  • Beginners might find IG’s fee structure complex, with various fees for different types of trades or services, potentially leading to confusion or unexpected charges
  • IG applies an inactivity fee of $12 per month after 2 years, deterring casual investors

Interactive Brokers

"Interactive Brokers is one of the best brokers for advanced day traders, providing powerful charting platforms, real-time data, and customizable layouts, notably through the new IBKR Desktop application. Its superb pricing and advanced order options also make it highly attractive for day traders, while its diverse range of equities is still among the best in the industry."

Christian Harris, Reviewer

Interactive Brokers Quick Facts

Demo AccountYes
InstrumentsStocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies
RegulatorFCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB, FINMA
PlatformsTrader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral
Minimum Deposit$0
Minimum Trade$100
Leverage1:50
Account CurrenciesUSD, EUR, GBP, CAD, AUD, INR, JPY, SEK, NOK, DKK, CHF, AED, HUF

Pros

  • There's a vast library of free or paid third-party research subscriptions catering to all types of traders, plus you can enjoy commission reimbursements from IBKR if you subscribe to Toggle AI.
  • With low commissions, tight spreads and a transparent fee structure, IBKR delivers a cost-effective environment for short-term traders.
  • IBKR continues to deliver unmatched access to global stocks with tens of thousands of equities available from 100+ market centres in 24 countries.

Cons

  • IBKR provides a wide range of research tools, but their distribution across trading platforms and the web-based 'Account Management' page lacks consistency, leading to a confusing user experience.
  • Support can be slow and frustrating based on tests, so you might find it challenging to reach customer service representatives promptly or encounter delays in resolving issues.
  • TWS’s learning curve is steep, and beginners may find it challenging to navigate the platform and understand all the features. Plus500's web platform is much better suited to new traders.

Kraken

"Kraken will suit traders looking for a diverse list of cryptos including Bitcoin and a good security track record."

William Berg, Reviewer

Kraken Quick Facts

Bonus OfferLower fees when trading volume exceeds $50,000 in 30 days
Demo AccountYes
InstrumentsCryptos
RegulatorFCA, FinCEN, FINTRAC, AUSTRAC, FSA
PlatformsAlgoTrader
Minimum Deposit$10
Minimum TradeVariable
Account CurrenciesUSD, EUR, GBP, CAD, AUD, JPY, CHF

Pros

  • Crypto staking
  • Excellent range of 220+ more established cryptocurrencies
  • Mobile investing

Cons

  • Does not support many newer altcoins
  • Does not accept fiat deposits
  • Low leverage on spot trading

Gemini

"Gemini’s ActiveTrader platform and TradingView integration make it a good choice for serious crypto traders seeking a reliable charting environment, though we were disappointed by some unnecessary fees and previous security breaches."

Michael MacKenzie, Reviewer

Gemini Quick Facts

Demo AccountNo
InstrumentsCryptos
RegulatorNYDFS, MAS, FCA
PlatformsActiveTrader, AlgoTrader, TradingView
Minimum Deposit$0
Minimum Trade0.00001 BTC
Account CurrenciesUSD, EUR, GBP, CAD, AUD, HKD, SGD

Pros

  • Crypto perpetual futures are available in many jurisdictions with up to 1:100 leverage
  • The TradingView integration delivers top-quality tools, including backtesting and algo trading capabilities
  • The trading app features a user-friendly, modern design and intuitive interface, with an excellent range of charting tools for day traders

Cons

  • The 'convenience fee' for using the mobile app seems arbitrary and makes it inefficient to use this feature
  • There are high fees for some funding methods including a 3.49% fee for card transactions
  • There is no practice profile or demo account for prospective traders

How Can I Check A Broker Is Regulated By The CVM?

While the CVM is the regulatory authority for online brokers in Brazil, verifying their authorization can be more complex than in some other jurisdictions.

Unlike some regulators, such as the FCA in the UK or CySEC in Europe, the CVM does not maintain a publicly accessible list of licensed brokers and trading platforms.

Instead, you can inquire about a broker’s authorization status through a formal request to the CVM. We have submitted a request to the CVM to enquire about authorized brokers and will update this page with our findings when we receive a response.

Brazil CVM broker regulator search directory
The CVM’s Market participants files don’t list any regulated brokers

What Rules Must CVM-Regulated Brokers Follow?

Only authorized institutions can trade foreign exchange and derivatives in Brazil, according to Law 6,385/76.

While the law doesn’t explicitly classify forex as a security, it mandates CVM oversight for “the issuance and distribution of other derivative contracts, regardless of the underlying asset.” This effectively brings forex trading under the CVM’s regulatory umbrella.

Here are some fundamental rules and requirements that CMV-regulated brokers must follow:

What Powers Does The CVM Have?

The CVM wields broad authority to not only establish market regulations but also investigate, prosecute, and penalize violations.

When suspicions arise, the CVM can launch an investigation, gathering information, testimonies, and evidence to pinpoint the source of illegal activity. Throughout this process, those accused retain full rights to defend themselves in court.

In 2020, the CVM demonstrated its commitment to maintaining the market’s integrity by cracking down on unauthorized trading activity. It issued a ‘Stop Order’ against Pepperstone Group, an Australian broker, for allegedly operating in Brazil without authorization, reassuring the market of its vigilance.

Bottom Line

Brazilian laws do not explicitly prohibit online trading, but domestic broker options are limited. The CVM doesn’t provide a list of authorized brokers, either, meaning Brazilian traders often seek trustworthy brokers regulated overseas.

Fortunately, many leading players accept and cater to Brazilian clients with Portuguese language support and websites. Additionally, the convenience of using a broker that accepts deposits in Brazilian real (BRL) is a factor to consider for many day traders in Brazil.

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